The markets are moved by animal spirits, and not by reason.

Nothing mattered except states of mind, chiefly our own.

The principle objectives in life are love, the creation and enjoyment if aesthetic experience, the pursuit of knowledge. Love comes a long way first.

I do not know which makes a man more conservative - to know nothing but the present, or nothing but the past.

The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.

It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.

I was suffering from my chronic delusion that one good share is safer than ten bad ones, and I am always forgetting that hardly anyone else shares this particular delusion.